PREFACE 


The  growing  interest  manifested  in  Life  Insurance,  its  acknowledged 
importance,  and  the  absence  of  any  standard  popular  treatise  on  the 
subject,  to  which  persons  desirous  of  information  may  refer,  must  be  my 
apology  for  publishing  these  LECTURES,  which  familiarly  explain  the 
whole  theory,  and  practice,  and  bearing  of  Life  Insurance. 

The  main  object  in  view — my  almost  only  motive,  indeed — has  been  to 
present  the  strong  claims  of  Life  Insurance  to  Families  and  persons  of  a 
considerate  and  provident  turn  of  mind,  in  a truthful  and  readable  dress, 
and  cheap,  popular  form,  so  that  no  obstacle  need  stand  in  the  way  of 
“Lectures  on  Life  Insurance”  becoming  as  much  the  hand-book  of  the 
family  as  the  Penny  Magazine  or  the  Almanac. 

I have  adopted  the  lecture  style,  because  it  allows  more  scope  and 
range  of  illustration ; and  from  the  conviction  that  it  secures  better  the 
attention  and  carries  with  it  more  of  the  force  of  oral  teaching  or  didactic 
instruction ; and  I have  adopted  the  more  popular  mode  of  publishing  in 
Numbers,  in  order  to  secure  the  circulation  of  the  work  by  mail ; as  well 
as  to  afford  the  Agents  of  Companies  repeated  opportunities  of  politely 
presenting  the  subject  to  the  notice  of  families. 

It  has  been  my  constant  endeavour  to  divest  the  subject  as  much  as 
possible  of  technicalities  and  dry  mathematical  calculations.  I have 
sought,  instead,  to  convey  to  the  mind  of  even  the  casual  reader  of  its 
more  scientific  portions  a historic  novelty  that  I trust  will  enlist  the  feel- 
ings and  induce  further  investigation. 

In  order  to  render  the  work  more  instructive,  useful,  and  generally  ac- 
ceptable, I have  given  an  exposition  of  the  Law  of  Life  Insurance,  fol- 
lowing its  Practice,  and  have  detailed  most  of  the  decisions  had,  especially 
in  the  cases  involving  questions  as  to  the  hill  of  health — the  Medical  Juris- 

(3) 


3 4S,  3 

iv  PREFACE. 

PRUDENCE  of  the  subject;  and  following  this  have  given  concise  rules  for  ' 
preserving  health — The  Laws  of  Hygeine — without  which  the  work  would 
be  incomplete ; for  Life  Insurance  seeks  to  promote  health  and  prolong 
life. 

The  Morality  of  Life  Insurance  is  also  discussed,  and  its  salutary 
INFLUENCE  on  the  insurant,  in  sickness  and  in  health,  portrayed ; its  origin 
with  the  early  Christians  at  Jerusalem,  and  its  first  practice  by  them 
under  the  direction  of  the  Apostles  and  the  Divine  approbation,  are  clearly 
pointed  out  and  established  by  reference  to  the  Sacred  Scriptures ; and 
the  rapid  strides  it  is  now  making  in  almost  all  Christian  countries,  aided 
and  abetted  by  bishops,  archbishops,  and  clergymen,  of  different  denomi- 
nations of  Christians,  are  historically  traced  and  shown.  Its  benign  effect 
in  holding  the  fragments  of  a broken  family  together — governing  the 
destiny  of  sons  and  daughters ; preventing  crime  ; leading  to  virtue ; hal- 
lowing the  widow’s  efforts ; blessing  the  orphan’s  path,  &c.,  &c.,  are  pre- 
sented in  a way  calculated  to  inspire  families  with  confidence  in  Life  In- 
surance, as  a practical  good,  A MORAL  BENEFIT,  as  well  as  a certain 
pecuniary  provision. 

With  regard  to  the  contest  and  struggle  for  preferment  that  is  going  on, 
and  that  is  to  be  expected  to  continue,  between  the  competing  Life  Insur- 
ance Companies,  on  questions  involving  the  different  plans  of  insurance, 
and  their  respective  claims  to  public  favour ; the  cash  and  credit  systems  ; 
difference  in  the  scale  of  rates  adopted ; dividends  declared,  &c.,  I have 
endeavoured,  with  the  calmness  of  an  impartial  observer,  to  place  before 
my  readers  the  means  of  judging  intelligently  for  themselves  as  to  the 
merits  of  all  these  matters  and  things,  without  intentionally  reflecting  upon 
any  of  the  ofi&ces.  I have  assumed  that  the  intentions  of  all  are  high  and 
honourable  ; but  that  ENLIGHTENED  PUBLIC  SENTIMENT  is  the  only 
safe-guard  against  abuses,  and  the  only  earnest  or  guarantee  of  wise  legis- 
lation on  the  subject. 

Chicago,  Sept.  1851. 


LECTURE  I. 


SCIENCE  OF  LIFE  INSURANCE. 


INTRODUCTION. 

To  Families,  &c. 

May  I ask  your  kind  attention  to  a short  series  of  Lectures 
on  the  Science  of  Life  Insurance  ? 

The  subject  is  new,  and  may  be  considered  too  grave,  at 
I first  thought,  to  awaken  interest ; but,  if  subjects  of  far  less 

importance  to  society  can  be  so  attractively  presented  as  to 
elicit  the  earnest  attention  of  the  public,  I will  indulge  no 
fear  of  not  being  able  to  command  your  attention  and  enlist 
your  feelings,  by  grouping  together  the  strong  points  and  fea- 
tures of  Life  Insurance,  and  presenting  you  with  the  most  strik- 
ing views  it  will  bear. 

^ I know  that  matters  of  interest  are  not  generally  considered 

interesting  matters ; and  am  very  well  aware  that  most  per- 
sons read  for  amusement,  and  are  charmed  with  romances 
' played  off  upon  the  major-key  of  human  life ; but  still  I know 

that  there  is  a time  for  all  things,  and  that  the  same  cultivated 
taste  that  to-day  finds  enjoyment  in  the  domain  of  fiction,  may 
by  to-morrow  be  gathering  flowers  wherewithal  to  weave  gar- 
lands for  the  tomb.  The  Mount  Auburns,  the  Laurel  Hills, 
and  the  many  other  adorned  cemeteries  of  the  day,  are  but 

(13) 


«;2;i‘280 


14 


INTRODUCTION. 


evidences  of  the  exercise  of  this  discreet,  sober  second  thought; 
and  the  thus  harmoniously  arranged  chromatic  passages  in 
the  world’s  great  opera  will,  at  times,  command  the  deepest 
interest  in  every  mind,  and  will  become  the  pensive  taste 
of  some,  who  shall  claim  to  have  grown  wiser  by  experience. 

Relying,  therefore,  upon  the  merits  of  my  theme,  and  the 
cultivated  taste  of  the  age,  together  with  the  fact  that  I have 
given  to  the  subject  some  thought  and  attention,  I hope  to 
present  Life  Insurance  to  you,  so  clad  in  the  garments  of 
truth  and  simplicity,  that  its  very  plainness  shall  attract  you  ; 
and  so  calculated  to  bind  up  the  broken  heart,  that  you  will 
fall  in  love  with  it  for  its  beneficence. 

Although  fraught  with  the  greatest  blessings  to  the  public, 
and  full  of  unmixed  good  to  mankind,  its  nature  and  principles 
have  not  been  widely  disseminated  and  generally  investigated 
and  understood.  Beyond  its  name,  and  a confused  concep- 
tion that  somehow  or  other  it  interposes  between  the  death  of 
a husband  and  father,  who  embraces  it,  and  the  destitution 
of  his  family,  little  is  known  of  it  by  persons  in  general.  I 
think  I shall  be  able  to  satisfy  you  that  Life  Insurance  is  a 
science  of  great  beauty  and  interest,  and  in  a practical  point 
of  view^  entitled  to  rank  among  the  foremost  of  the  humane 
and  benevolent  institutions  of  the  day. 

If  so,  the  effort  must  be  conceded  as  opportune,  for  Life 
Insurance  is  almost  entirely  destitute  of  a literature.  There 
is  no  work  extant  on  the  subject  in  this  country.  If  you  would 
seek  information  you  must  go  to  the  statute  books  of  the  dif- 
ferent states  that  have  granted  charters  and  enacted  provisions 
governing  it;  or  to  the  meagre  circulars  of  the  Companies;, 
or  you  must  rummage  periodicals  and  commercial  treatises, 
foreign  and  domestic,  for  here  and  there  a fugitive  article  per- 
taining to  it,  dry,  technical,  and  commercial  in  its  character  ; 
and  gather  a table  from  this  or  that  cyclopedia ; and  a defini- 
tion from  this  or  that  dictionary  of  the  arts  and  sciences  ; and 


SCIENCE  OF  LIFE  INSURANCE. 


15 


form  your  opinions  of  its  morality  and  justice  from  commenta- 
tors of  the  common  and  civil  law,  and  writers  on  forensic 
medicine.  But  with  all  these  short-comings  of  a proper  and 
popular  literature  that  should  place  Life  Insurance,  its  charm- 
ing principles  and  beautiful  attractions,  within  the  reach  of 
every  family,  as  a household  book  for  the  rising  generation  to 
grow  up  with  in  hand,  imbibing  its  doctrines,  and  prepared  in 
due  time  to  embrace  its  provisions — I say,  with  all  these  lets 
and  hindrances.  Life  Insurance  is  working  its  way  into  the 
elements  of  our  social  fabric  with  considerable  progress,  and 
is  operating  as  a beautiful  balance  or  fly-wheel  in  the  machinery 
of  families,  the  foundations  of  society.  It  only  requires  to  be 
generally  understood  to  be  almost  universally  adopted. 

This  is  emphatically  an  age  of  progress.  Physical,  intel- 
lectual, and  moral  achievements,  too  startling  almost  for  belief, 
come  pressing  upon  the  mind,  one  after  another,  and  take  their 
places  among  the  substantial  realities  of  life,  until  we  are 
almost  prepared  to  believe  anything  possible. 

The  electric  telegraph  is  of  to-day.  Railroads  are  of  but 
yesterday’s  origin.  Forty  years  have  hardly  elapsed  since  the 
humble  peasants  on  the  Hudson  were  surprised  by  the  first 
steamboat  appearing  in  their  waters ; which,  it  is  said,  was 
mistaken  for  a saw-mill  afloat.  Many  of  you  remember  when 
the  principles  for  educating  the  deaf  and  dumb  were  first  pro- 
claimed ; for  educating  the  blind,  too.  But  a few  years  since, 
vaccination  was  discovered.  It  has  been  reserved  for  our  times 
to  reveal  the  astonishing  truth,  that,  by  the  inhalation  of  a lit- 
tle ether  or  chloroform,  a diseased  limb  may  be  amputated  with 
out  pain  ; and  those  of  you  over  twenty-six  years  of  age,  can 
claim  contemporary  life  with  the  man  who  first  maintained  the 
doctrine,  that  the  masses  could  rule.  What  a chaos  would 
the  civilized  world  be  in,  by  the  obliteration  of  these,  our  now 
familiar  household  gods ! 

1* 


16 


INTRODUCTION. 


Nations  formerly  distant,  distrustful,  jealous,  and  disposed 
for  war,  are  now  meeting  and  shaking  hands  together ; traf- 
ficking and  commingling ; interchanging  the  arts  of  civiliza- 
tion ; vying  at  efforts  of  skill  in  scientific  and  handicraft  work- 
manship ; and  are  congregating  at  a World’s  Fair  for  the 
exhibition  of  the  products  of  their  genius.  What  a spectacle  ! 

The  arts  of  peace,  and  works  of  philanthropy,  have  taken  a 
deep  hold  of  men’s  minds.  Righteousness  and  Peace  are 
approaching  to  kiss  each  other.  The  lion  is  considering  the 
matter  of  meekly  lying  down  with  the  lamb,  for  the  little  child, 
American  freedom,  is  about  to  lead  them.  The  sword  is 
verily  giving  way  to  the  ploughshare,  and  spears  are  being 
transformed  into  pruning-hooks.  The  intercommingling  of 
the  people  of  different  states  and  nations,  is  dethroning  preju- 
dice, and  softening  down  the  asperities  of  feeling,  individual 
as  well  as  national,  and  leading  the  current  of  men’s  thoughts 
to  works  of  usefulness  and  benevolence.  Men  are  everywhere 
becoming  more  tolerant,  humane,  and  reflective ; more  tem- 
perate and  sober-minded  ; and  the  evidences  of  great  moral 
progress  are  seen  in  the  many  institutions  that  are  being  de- 
vised of  a social  and  benevolent  character ; for  the  suppression 
of  vice,  and  the  encouragement  of  virtue  ; the  education  of  the 
poor ; the  protection  of  the  helpless ; the  sustaining  of  the 
sick  ; the  strengthening  of  the  social  relations  of  life ; and  pro- 
tection against  future  want. 

The  social  economies  of  the  industrious  orders — as  Savings 
Banks;  Sickness  and  Annuity  Fund  Societies;  Benevolent 
Pawnbroking ; and  Provident  Dispensaries,  are  of  this  kind. 
Life  and  Health  Assurance  Associations  also ; and  we  must 
not  overlook  the  Temperance,  Masonic,  and  Odd  Fellows’ 
Societies,  and  other  orders  and  beneficial  societies,  now  so 
much  the  rage,  and  so  full  of  charity,  brotherly  kindness,  and 
good-will.  There  are  upwards  of  two  millions  in  the  ranks  of 
these  mutual  supporting  societies  in  Great  Britain. 


SCIENCE  OF  LIFE  INSURANCE. 


17 


Some  of  these  social  orders  have  secret  forms,  to  be  sure ; 
but  their  secrets  seem  harmless  when  we  cast  our  eyes  beyond 
to  the  many  social  virtues  they  cultivate,  and  the  mutual  health 
assurance  principles  they  maintain.  Whilst  they  dispense 
sums  of  money  from  a common  fund,  to  sustain  a sick  brother 
and  family,  it  seems  querulous  to  cavil  about  their  forms  and 
ceremonies. 

We  are  all  struck  with  admiration  for  the  man  'who  founds 
an  hospital  or  an  orphan  asylum.  His  name  is  handed  down 
to  posterity  in  connexion  with  the  institution,  as  a benefactor 
to  his  species.  He  is  a benefactor,  and  so  are  those  who  con- 
tri^bute  of  their  substance  to  the  maintenance  of  hospitals,  dis- 
pensaries, orphan  asylums,  and  other  public  charities.  But 
the  social  orders  and  mutual  associations  of  which  I speak, 
are  ahead  of  these  institutions,  for  they  aim  at  self-protection ; 
a protection  which,  if  generally  adopted,  would  do  away  with 
these  public  charities. 

Who  ever  heard  of  an  Odd  Fellow,  a Rechabite,  a Son  of 
Temperance,  or  member  of  any  other  brotherhood  or  beneficial 
society,  going  to  a poor-house  or  charity  hospital  when  sick  ? 
The  idea  is  preposterous.  He  has  been  laying  hy  a fund  in 
the  shape  of  weekly  or  monthly  dues  paid  in  against  a day  of 
sickness.  He  has  also  made  sure  of  the  comforting  reflection 
that  he  can  be  sick  at  home  ; and  though  he  may  be  very  sick, 
and  very  poor,  he  will  be  provided  for.  He  has  secured  a 
claim  on  the  brethren  beyond  the  five  dollars  per  week  allow- 
ance ; and  they  visit  him,  and  watch  with  him,  and  with  Sama- 
ritan kindness  pour  in  the  oil  and  wine  of  consolation  and 
encouragement. 

A masonic  state  convention  met  at  Albany,  N.  Y.,  a few 
days  since,  for  the  purpose  of  establishing  an  asylum  for  the 
support  of  indigent  masons,  their  widows  and  orphans.  A 
college  for  the  education  and  support  of  the  orphan  children 
of  deceased  masons  is  in  successful  operation  in  Missouri. 


18 


INTRODUCTION. 


Thus,  in  various  ways,  these  orders  and  beneficial  societies 
dispense  their  blessings.  They  encourage  habits  of  industry, 
economy,  and  all  the  social  virtues;  whilst,  like  savings  insti- 
tutions, many  of  them  afford  a certain  reliance  in  money  to  fall 
back  upon  in  the  hour  of  sickness.  What  beautiful  devices 
to  strengthen  the  virtues  and  kindly  sympathies  of  our  nature  ; 
to  keep  up  ambition,  social  vigour,  and  the  proper  pride  of 
man,  and  the  interest  he  should  feel  in  life,  when  in  health  ; 
and,  perhaps,  to  save  him  and  family  from  a broken  spirit, 
and  public  charity  when  sick ! One  of  the  most  remarkable 
features  of  the  age  is  the  activity  of  this  principle  of  association 
— this  acting  by  associated  numbers.  Men  have  learned  to 
appreciate  the  fact,  that  ‘‘m  union  there  is  strength^  They 
seem  to  think  that  union  is  competent  to  effect  anything. 
There  is  scarcely  any  object  for  which  there  is  not  a society 
formed. 

You  see  in  the  working  of  all  these  brotherhoods  a very 
reliable  and  refined  charity,  that  comes  home  to  the  domestic 
hearth,  and  holds  the  family  together,  and  cherishes  the  dear 
and  tender  sympathies  of  home;  for,  ‘‘be  it  ever  so  humble, 
there  is  no  place  like  home.”  And  a special  beauty  in  the 
system  is,  that  every  man  does  it  for  himself,  by  a far-seeing 
prudence  in  joining  one  of  these  brotherhoods ; for  they  all 
partake  of  the  nature  of  Health  Assurance  Associations.  The 
members  are  bound  together  by  a wholesome  code  of  by-laws, 
one  of  which  is,  that  each  must  pay  into  the  treasury  a certain 
small  sum,  a shilling  or  two  weekly,  or  monthly,  to  serve  as 
a common  fund  for  supporting  those  who  may  happen  to  fall 
sick. 

Now,  if  you  go  a step  farther  in  the  scale  of  a refined  charity, 
and  form  a mutual  association,  the  members  binding  them- 
selves to  pay  a certain  small  sum  annually  for  life,  on  condition 
that  at  their  death  a certain  sum  total  shall  be  paid  to  their 
widow^s  or  heirs,  you  have  a Life  Insurance  Company. 


SCIENCE  OF  LIFE  INSURANCE. 


19 


The  position  these  associations  hold,  compared  with  the 
beneficial  societies  and  orders  of  which  I have  spoken,  cannot 
be  better  illustrated  than  to  lay  before  you  the  opinion  of  Dr. 
Franklin  in  the  premises,  written  in  London,  as  I suppose, 
more  than  half  a century  ago  : — 

Many  persons  resort  to  beneficial  associations  to  make 
provision  for  their  families  ; and  there  are  many  cases  in  which 
the  funds  of  a beneficial  society  have  been  most  useful  to  a 
portion  of  its  members.  My  object  is  not  to  undervalue  bene- 
ficial societies,  but  to  call  the  attention  of  the  considerate  and 
provident  to  the  fact  that  a policy  of  life  insurance  is  the 
cheapest  and  safest  mode  of  making  a certain  provision  for  one’s 
family.  If  any  one  will  look  at  the  tables  of  life  insurance, 
they  will  see  that,  for  a very  small  sum  paid  every  year  for  a 
policy  of  life  insurance,  a father  secures  to  his  family  a very 
considerable  amount.  For  instance,  for  about  $4  per  year,  a 
father  of  45  years  of  age  secures  $100,  payable  to  his  family 
immediately  on  his  death.  For  about  $16  per  year,  a man  of 
40  years  of  age  secures  for  his  family  $500,  and  in  like  propor- 
tion, according  to  the  ages  of  the  parties.  Now  we  know  of 
no  beneficial  society  that  can  offer  any  such  inducement.  Be- 
sides, the  time  occupied,  and  the  hazard  in  managing  the  affairs 
of  a beneficial  society,  amount  often  to  a very  considerable  sum. 

It  is  true  a member,  if  sick,  may  expect  some  small  pecu- 
niary aid ; but  when  he  dies,  his  family,  after  his  funeral,  have 
little  or  no  claim  on  the  society.  Now  a policy  of  life  insurance 
comes  in  just  at  this  period,  and  gives  the  family  most  import- 
ant aid,  because  it  is  most  timely ; it  being  just  as  they  are 
deprived  of  their  main  dependence.  If  our  beneficial  societies 
would  combine  with  their  own  arrangements  an  insurance  on 
the  life  of  each  member,  by  taking  out  a policy  from  a Life 
Insurance  Company  for  a moderate  amount,  for  the  benefit  of 
his  family  at  his  death,  their  benevolent  plan  would  be  com- 
plete, and  they  would  then  do  the  greatest  possible  amount  of 


20 


INTRODUCTION. 


good  to  each  other  with  the  smallest  means.  It  is  time  our 
people  understood  and  practised  more  generally  life  insurance. 

‘‘Many  a widow  and  orphan  have  had  great  reason  to  be 
grateful  that  the  advantage  of  life  insurance  was  understood  and 
embraced  by  the  husband  and  father.  A large  amount  has 
been  paid  in  this  city  by  the  Life  Insurance  Companies  to 
widows  and  orphans,  when  it  formed  almost  their  only 
resource.” — {Public  Ledger.) 

The  greatest  defect  in  all  these  Orders  and  Beneficial  Socie- 
ties is,  that  the  sums  paid  in  are  equal — not  apportioned  to  the 
different  ages  according  to  the  value  of  the  risks.  They  start 
with  members  in  the  prime  of  life,  and  nearly  all  the  receipts 
appear  to  be  profits ; but  when  the  greater  claims  for  the  sick- 
nesses and  infirmities  of  age  supervene,  their  funds  are  found 
inadequate. 

The  beneficial  orders  and  health  assuring  societies  in  the 
United  States  are  in  some  respects  different  from  similarly 
constituted  associations  in  England,  but  there  is  a family  like- 
ness running  through  the  whole  ; and  it  cannot  be  denied  that 
these  “ Friendly  Societies,”  as  the  whole  race  are  denominated 
in  England,  are  exceedingly  popular  both  in  that  country  and 
this,  among  the  operating  classes  especially.  As  a proof  of 
this  I need  only  call  your  attention  to  the  fact  that  the  society 
known  as  the  Manchester  Unity  of  Odd  Fellows,  in  England, 
numbers  over  four  hundred  thousand,  and  its  income  is  over 
a million  dollars,  annually.  This  is  only  one  of  five  similar 
Unities  of  Odd  Fellows  in  that  country,  all  perhaps  nearly 
equally  numerous  and  rich.  I have  seen  it  estimated  that  the 
number  of  Odd  Fellows  in  the  United  States  was  over  two 
hundred  thousand.  The  Sons  of  Temperance  is  a still  more 
numerous  though  a more  recently  established  order.  They  are 
both  dispensing  immense  blessings  to  society,  although  defect- 
ive in  scientific  principles,  and  only  extending  their  benefits 
in  the  main  through  the  lifetime  of  members. 


SCIENCE  OF  LIFE  INSURANCE. 


21 


There  is  one  remarkable  fact  worthy  to  be  observed  in  this 
connexion : it  is  that  the  duration  of  life  is  longer  among  the 
members  of  these  Friendly  Societies  in  England  than  among 
any  other  class  of  persons  whatever,  by  an  average  of  about 
three  years  [JYiesori^s  Vital  Statistics)^  and  is  to  be  regarded  as 
so  much  testimony  in  favour  of  simple  and  regular  habits  and 
a more  perfect  obedience  to  the  natural  laws.  This  may  con- 
sole the  operative  who  gains  his  bread  by  the  sweat  of  his  brow, 
and  it  should  be  a restraint  upon  the  overweening  desire  of 
any  to  grow  rich ; for  luxury  and  idleness  follow  wealth,  and 
the  abuse  of  the  natural  laws  and  an  abridgment  of  human  life 
seem  almost  inseparable  consequences.  Three  years  of  pro- 
longed life  in  the  enjoyment  of  social,  brotherly  kindness,  is  a 
valuable  commentary  upon  these  beneficial  orders. 

A Life  Insurance  Company,  then,  is  a brotherhood  of  provident 
husbands  and  fathers,  who  love  their  wives  and  children,  and  who 
say,  ^We  cannot  run  the  risk  of  leaving  our  helpless  ones  des- 
titute in  the  event  of  our  death.  Let  us  provide  against  this 
contingency.  We  are  able  to  support  our  families  very  com- 
fortably whilst  we  live,  but  if  we  were  to  die  suddenly,  they 
would  be  thrown  into  poverty.  Now  let  us  profit  from  observ- 
ation. We  have  seen  families  left  destitute,  and  the  stricken 
widow,  overpowered  with  grief,  and  over-taxed  with  exertions 
to  support  herself  and  offspring,  sink  into  an  early  grave  ; and 
we  have  seen  the  children,  bound  out  to  service  and  exposed 
to  the  whips  and  scorns  of  a task-master,  and  vicious  examples, 
finally  lost  to  society  in  the  ranks  of  sin  and  shame. 

^ We  have  cast  about  and  inquired  into  the  history  of  those 
gangs,  who,  by  their  nightly  riots,  robberies,  and  murders,  are 
the  hunted  down  of  the  policemen  of  our  cities — of  those 
crowds  of  boys,  hardly  in  their  teens,  who,  by  their  blasphemy, 
obscenity,  rowdyism,  and  petty  offences,  are  preparing  for  a 
manhood  to  be  either  cut  short  by  the  hangman,  or  spent  alter- 
nately in  the  penitentiary  and  in  the  perpetration  of  the  crimes 
8 


22 


INTRODUCTION. 


that  send  them  thither — or,  more  lamentably  still,  of  those  crea- 
tures whose  name  puts  humanity  to  the  blush ; who,  having 
but  just  entered  the  verge  of  womanhood,  are  already  become 
living,  walking  plagues,  ‘ whose  house  is  the  way  to  hell,  going 
down  to  the  chambers  of  death’ — we  have  searched  out  the 
history  of  all  these,  and  have  found  that,  for  the  most  part,  they 
are  the  children  of  working  men  who  died,  leaving  their  widows 
and  little  ones  destitute,  the  mothers  being  compelled  to  part 
with  their  children  and  place  them  here  and  there  with  stran- 
gers, to  be  brought  up  as  accident  might  determine,  and  who, 
deprived  of  maternal  care  and  the  domestic  influences  of  home, 
so  potent  to  restrain  and  guide,  have  become  what  we  see,  and 
their  path  is  still  downward. — And  we  have  decided  the  mat- 
ter in  our  own  minds,  that,  if  these  widowed  mothers,  at  their 
husbands’  decease,  could  have  come  in  possession  of  the  pro- 
ceeds of  a policy  of  Life  Insurance  of  $1000,  or  even  $500, 
they  would  all  have  been  able,  used  as  they  were  to  self-exer- 
tion, to  adopt  some  business  that  would  have  enabled  them  to 
keep  their  little  ones  at  home  under  their  own  guidance,  where 
they  would  have  grown  up,  and  made  useful  and  respectable 
members  of  society.”*  And  now  let  us,  by  a timely  resort  to 
Life  Insurance,  avert  the  possibility  of  destitution  and  its  dread- 
ful consequences  happening  to  those  we  love — the  cherished  of 
our  bosoms,  the  little  ones  we  dandle  on  the  knee,  and  that 
bear  our  image  and  superscription.’ 

Agreed,  agreed!  we  hear  on  all  sides.  We  hear  it  from 
the  young  married  man  whose  home  is  just  now  established, 
and  consecrated  by  the  hallowed  rites  of  nuptial  love ; whose 
resolutions  are  firmly  fixed  to  lead  an  upright  and  exemplary 
life  ; and  whose  young  and  unworn  affections  centre  with  such 
ardour  upon  his  mate,  that  he  wishes  every  hour  he  could  cut 
the  world  in  two,  to  give  her  half  of  it. 

We  hear  it  from  the  prudent  man  of  meridian  life.  With 

* Barlow’s  tale  of  The  Howards.” 


SCIENCE  OF  LIFE  INSURANCE. 


23 


affections  for  his  better  half  sanctified  by  time  ; a just  esteem 
formed  for  her  many  womanly  virtues;  the  evidences  fully 
realized  of  her  self-sacrificing  devotion  ; his  love  of  offspring 
gratified ; his  home  a little  paradise  below ; he  reflects,  he  soli- 
loquizes thus: — have  a charming  family  around  me — the 
best  wife  in  Christendom — five  lovely  children.  I certainly 
enjoy  the  full  gratification  of  the  affections.  1 support  them 
very  comfortably  by  my  business,  but  I never  can  lay  up  any- 
thing for  them.  If  I were  to  die  suddenly,  they  would  be  left 
without  any  means  of  support.  I think  it  is  my  duty  to  get 
my  life  insured.”  He  talks  the  matter  over  with  his  wife,  and 
she  approves,  and  proposes  to  do  without  that  rather  expensive 
article  of  dress  he  wanted  her  to  get  the  other  day ; and  they 
agree  to  live  a little  more  economically  in  all  things.  He 
insures  his  life  in  the  sum  of  three  thousand  dollars,  and  finds 
no  difficulty  in  paying  the  annual  premiums.  He  is  more 
careful  of  his  loose  change,  and  his  wife  is  more  frugal  within 
the  house ; and,  where  there  is  a will  there  is  always  a way.” 
Nobody  sees  any  difference  in  their  style  of  living.  They  live 
within  their  means,  just  as  they  always  have  lived,  only  they 
avoid  the  unnecessary  expenses. 

Again,  we  hear  it  from  the  man  whose  life  is  passing  into 
the  sear  and  yellow  leaf.  He  exclaims  at  the  top  of  his  voice, 
I must  and  will  get  my  life  insured !”  We  are  startled  at  the 
earnestness  of  his  manner  and  cry,  and  we  look  into  the  neces- 
sities of  his  case.  We  find  he  is  a clergyman  who  has  grown 
gray  in  proclaiming  the  glad  tidings  of  salvation  to  his  fellow 
men.  He  has  lived  to  the  age  of  fifty-nine  in  the  service  of 
God  and  man ; has  been  thirty-five  years  minister  of  the  parish, 
and  idol  of  his  parishioners ; has  raised  a family  of  three 
children,  who  are  all  married;  has  buried  his  first  wife,  and 
has  now  four  manly  little  boys  by  the  second  accomplished 
partner  of  his  life,  the  oldest  of  whom  is  not  ten.  He  has  all 
along  supposed  that  he  was  fulfilling  every  moral  duty  as  hus- 


24 


INTRODUCTION. 


band,  father,  citizen.  But  he  has  just  read  an  article  in  the 
Edinburgh  Journal  on  Life  Insurance,  which  strikes  his  moral 
sense  too  forcibly  to  pass  unnoticed,  showing  that  it  is  no  more 
the  moral  duty  of  a man  to  provide  the  daily  bread  for  his 
family  whilst  he  lives,  than  it  is  to  provide  against  their  being 
left  penniless  in  the  event  of  his  death. 

He  sees  that,  by  Life  Insurance,  he  can  make  one  a matter 
of  current  expenditure,  as  well  as  the  other.  That,  by  its  pro- 
visions, he  can  virtually  take  his  market-basket  on  his  arm, 
and  one  of  his  little  boys  by  the  hand,  and  go  to  market  as 
usual,  and  secure  the  delicacies  of  the  season  for  his  family, 
years  and  years  after  he  is  dead  and  laid  in  his  grave. 

And  his  conscientious  soul  is  filled  with  conflicting  emotions. 
His  ripened  age,  his  hoary  locks,  declare  that  he  must  soon 
become  superannuated,  and  his  functions  and  salary  cease. 
He  sees  that,  should  God  spare  him  to  threescore  and  ten,  the 
longest  that  he  may  hope  to  officiate,  still  his  boys  will  be  in 
their  youth  and  childhood  then,  as  helpless  as  now,  and  more 
expensive  if  he  educate  them,  as  it  is  his  bounden  duty  to  do. 
He  takes,  for  the  first  time,  a clear,  full,  and  realizing  sense 
of  the  predicament  he  is  in ; of  the  responsibility  he  has  in- 
curred for  the  gratification  of  his  earthly  affections,  in  surround- 
ing himself  with  a young  family  in  his  old  age,  when,  at  best, 
he  cannot  hope  to  see  them  raised,  and,  at  worst,  ere  three 
moments  at  any  time  shall  have  passed,  his  death  may  happen, 
and  carry  certain  destitution  to  wife  and  children.  And  his  mind 
is  agitated ; and  his  sensitive  heart  throbs ; and  tears  course 
down  his  manly  cheeks  in  secret.  He  wipes  his  furrowed 
brow,  and  combats  his  emotions.  He  says,  I am  getting 
nervous,  I do  believe,  in  my  old  age ; my  affections  for  my 
family  are,  indeed,  very  deep  and  vsincere  ; but  I must  not  let 
them  carry  me  away.  I may  live  twenty  years  yet,  and  see 
all  my  children  grown,  and  well  provided  for.  I must  not 
distrust  the  promises  of  God  contained  in  his  holy  word.”  And 


SCIENCE  OF  LIFE  INSURANCE. 


25 


he  adjusts  his  spectacles,  and  opens  the  Sacred  Volume  for 
consolation,  with  the  faith  of  Abraham  in  the  word  and  pro- 
mises of  God.  And  the  good  book  opens  at  1st  Timothy,  5th 
chapter,  and  his  eye  rests  on  the  8th  verse : 

But  if  any  provide  not  for  his  own^  and  especially  for  those 
of  his  own  house  ^ he  hath  denied  the  faith  ^ and  is  worse  than  an 
infidel  y 

And  the  admonition  is  received  as  a special  command  from 
God.  He  rises  and  declares  his  purpose  aloud,  that  he  must 
and  will  have  his  life  insured  ; and  goes  directly  and  insures 
it  for  $5,000  for  life,  in  favour  of  his  wife  ; it  being  $1,000  for 
each  member  of  his  helpless  family.  He  preached  to  his 
congregation  five  years  after  this,  and  found  no  difficulty,  by 
a more  rigid  economy,  in  saving  $300  out  of  his  salary  every 
year,  the  amount  called  for  as  the  annual  premium  ; and 
then,  his  health  failing,  his  congregation  paid  his  instalments 
two  years  for  him,  when  he  died — was  gathered  in  as  a shock 
of  corn  fully  ripe,  having  fulfilled  his  moral  obligations  as  a 
husband,  father,  and  Christian.  The  Policy  was  paid  over 
to  his  widow,  and,  with  her  good  and  careful  management, 
was  found  adequate  to  the  support  of  the  family,  and  to  the 
completion  of  the  education  of  the  boys. 

Whether  or  not  this  was  a special  interposition  of  Providence 
in  behalf  of  this  good  man  and  his  family,  is  not  for  me  to  say. 
It  is  sufficient  for  me  that  it  is  founded  in  fact;  that  it  illustrates 
forcibly  the  working  of  this  modern  humane  institution^  and 
exemplifies  an  obedience  to  the  moral  duties  a man  owes  his 
family,  worthy  of  imitation. 

One  feature  of  the  case  remains  yet  to  be  told.  This  good 
and  exemplary  divine,  ever  pointing  to  heaven,  and  himself 
leading  the  way,  announced  from  the  desk,  on  the  next  Sun- 
day, that  he  would  give  a lecture  on  Life  Insurance,  in  that 
place,  on  the  next  Wednesday  evening,  and  invited  his  con- 
gregation and  the  public  to  attend. 

2 * 


26 


INTRODUCTION. 


From  the  data  in  his  possession,  he  explained  and  illustrated 
the  principles  and  practical  operation  of  Life  Insurance,  in  a 
clear  and  forcible  manner,  and  numbers  who  heard  him  went 
and  got  their  lives  insured. 

Would  I could  enchain  you  as  I was  enchained  on  that 
occasion,  by  the  novelty  and  importance  of  the  subject,  the 
clearness  with  which  the  venerable  orator  presented  it,  and  his 
powerful  appeal  to  husbands  and  fathers  to  follow  his  example, 
and  attend  to  it  as  one  of  the  most  important  moral  acts  of  a 
lifetime. 

I never  listened  to  more  than  one  other  philanthropic  lecture 
that  made  as  lasting  an  impression  on  my  mind  ; and  that  was 
the  first  lecture  ever  delivered  in  Philadelphia,  where  I was 
then  residing,  on  African  colonization,  by  the  late  Robert 
Goodloe  Harper,  Esq.,  of  Baltimore.  I judged  there  was  a 
good  time  coming  for  both  of  these  institutions,  then  in  their 
incipiency.  And  what  do  we  see  ? One  has  established  a 
republic,  in  a quarter  of  a century,  deemed  sufficiently  import- 
ant to  demand  a line  of  Ocean  Steamers,  and  has  demonstrated 
the  capability  of  the  coloured  masses  for  self-government,  to 
say  nothing  of  what  it  promises  in  the  future — the  civilization, 
Christianization,  and  redemption  of  benighted  Africa  : and 
the  other  is  taking  up  the  widows  and  orphans  throughout  the 
length  and  breadth  of  our  land,  and  (as  we  would  say  in 
Illinois  expressive  of  extraordinarily  polite  treatment)  is  ^Hiand- 
ing  them  round  in  society  on  a plate  is  becoming  most  in- 
geniously and  harmoniously  interwoven  into  the  very  elements 
of  our  social  and  political  fabric,  into  the  families  of  the  masses, 
and  promises  happier  and  more  wide-spread  results  in  political 
and  social  economy,  than  any  of  all  the  devices  that  stamp  the 
genius  of  the  age.  And  it  is  destined  to  become  in  this  coun- 
try the  family  system  of  entail — the  republican  method  of  in- 
vesting the  proceeds  of  labour,  and  handing  them  down  from 
father  to  son,  through  indefinite  generations,  as  effectually  as 


SCIENCE  OF  LIFE  INSURANCE. 


27 


a Barony  or  an  Earldom,  but  without  their  pomp  and  circum- 
stance. It  is  destined  to  become  not  only  the  commissari- 
ship  of  subsistence  of  millions  that  would  otherwise  be  left 
powerless  and  penniless,  to  constitute  the  scum  of  society,  but 
the  life-saving  household  cement,  that,  by  its  cohesiveness, 
shall  hold  the  broken  family  fragments  together,  till  time,  with 
its  all-healing  power,  shall  develop  the  rising  generation,  and 
build  up  new  and  beautiful  vases  for  society  on  the  ruins  of 
the  fallen.  And  further,  it  is  destined  to  bring  together,  into 
wedded  life,  young  and  unsophisticated  hearts,  and  unsquan- 
dered affections,  the  rich  endowment  of  the  healthful  of  body 
and  virtuous  of  mind,  and  thus  to  become  conservative  of  the 
best  interests  of  society,  in  the  quality  of  posterity  resulting ; 
for,  if  a young  man  have  health,  and  strength,  and  skill,  it  is 
capital”  sufficient  to  justify  the  consummation  of  an  early 
marriage,  promising  to  be  the  source  of  all  his  future  happi- 
ness ; and,  if  he  will  but  then  be  considerate  enough  to  insure 
his  life,  he  gives  bonds  to  the  state,  in  the  event  of  his  death, 
for  the  maintenance  of  his  family,  depending  now  on  the  capi- 
tal that  is  in  his  life ; and  he  need  not  then,  I say,  postpone 
his  marriage  till  he  is  half  worn  out  with  toil,  in  trying  to  accu- 
mulate something  to  start  wdth,  but  enter  upon  life  young,  and 
enjoy  the  ever-brimming,  freshening  fountains  of  family  affec- 
tion, the  soul  of  life,  at  once,  and  have  something  to  live  for — 
something  to  incite  to  manly  deeds  and  noble  achievements, 
and  prevent  irregular  associations  from  otherwise  possibly 
leading  the  young  and  ardent  mind  astray.  It  is  destined, 
still  farther,  to  be  the  embodiment  of  that  holiest  repository  of 
filial  duty,  making  provision  for  aged  and  infirm  parents. 
Affection  travels  downwards  ; it  is  natural  to  bestow  the  ten- 
derest  sympathies  and  most  devoted  cares  upon  the  young ; it 
is  natural  for  man  to  wish  to  provide  generously  for  wife  and 
children  : but  to  see  the  pious  devotion  of  a young  man 
guarding  an  aged  parent  from  the  possibility  of  destitution,  by 
2* 


28 


INTRODUCTION. 


insurance  on  his  life,  is  like  apples  of  gold  in  pictures  of  silver; 
and  we  hardly  know  which  to  admire  most,  the  deed  done,  or 
the  institution  through  the  ingenious  mechanism  of  which  it  is 
effected.  And  yet  still  gloriously  further,  it  is  destined  to 
achieve  an  emancipation  of  the  mind  from  the  worship  of  the 
almighty  dollar,”  and  cure  that  eating  cancer  of  the  soul, 
the  overreaching  desire  and  passion  for  acquiring  riches,  which 
dethrones  morality,  and  unfits  the  votary  for  the  enjoyment  of 
all  the  genial  delights  of  social  life  : it  is  bound  to  disfranchise 
thousands  of  families  from  the  thraldom  of  aping  the  follies 
and  extravagancies  of  fashionable  life,  and  wearing  out  their 
best  energies  in  a senseless  idolatry  paid  to  the  golden-calf 
of  wealth  ; and  to  substitute  in  place  the  contented  mind,  which 
is  a continual  feast, — the  rational  enjoyments  of  the  family 
ties  and  social  affections. 

It  may  be  felt  by  many,”  says  Chambers  in  his  ^ Informa- 
tion for  the  People,’  «that,  admitting  this  duty  in  full,  their 
income  is  nevertheless  insufficient  to  enable  them  to  spare  even 
the  small  sum  necessary  as  an  annual  premium  for  Life  Insu- 
ranee;  the  necessities  of  the  present  are,  in  their  case,  so  great 
that  they  do  not  see  how  they  can  afford  it.  We  believe  there 
can  be  no  obstacle  which  is  apt  to  appear  more  real  than  this, 
where  an  income  is  at  all  limited,  and  yet  it  is  easy  to  show 
that  no  obstacle  could  be  more  ideal.  It  will  readily  be  acknow- 
ledged by  everybody  who  has  an  income  at  all,  that  there  must 
be  some  who  have  smaller  incomes ; say  for  instance  that  any 
man  has  <£400  per  annum ; he  cannot  doubt  that  there  are 
some  who  have  only  £350 : now  if  these  persons  live  on  £350, 
why  may  not  he  do  so  too,  sparing  the  odd  £50  as  a deposit 
for  Life  Assurance  } In  like  manner,  he  who  has  £200  may 
live  as  men  do  who  have  £175,  and  devote  the  remainder, 
£25,  to  have  a sum  assured  on  his  life ; and  so  on.  It  may 
require  an  effort  to  accomplish  this,  but  is  not  the  object  worthy 
of  an  effort  ? — ^and  can  any  man  be  held  as  honest,  or  any  way 


SCIENCE  OF  LIFE  INSURANCE. 


29 


good,  who  will  not  make  such  an  effort  rather  than  be  always 
liable  to  the  risk  of  leaving  in  beggary  the  beings  w^hom  he 
most  cherished  on  earth,  and  for  whose  support  he  alone  is 
responsible  ?” 

The  most  awful  period  in  a man’s  history,”  says  Burt  on 
Life  Assurance,  ‘«the  moment  when  his  spirit  wings  its  flight 
to  a distant  world,  is  usually  the  time  when  the  greatest  revo- 
lution takes  place  in  the  circumstances  and  destinies  of  his  sur- 
viving relatives.  The  sorrowing  widow  and  mourning  children 
need  bear  no  heavier  misfortune  then  than  that  which  has  fallen 
upon  them  in  the  loss  of  a friend,  an  adviser,  and  a protector.  And 
yet  how  often  is  it  the  case,  even  with  the  thoughtful  and  pru- 
dent, that,  to  the  loss  of  a husband  is  added  the  distress  arising 
from  pecuniary  embarrassment.  Willing  and  unwearying 
hands  supported  the  wife ; that  source  is  in  a moment  removed, 
and  no  other  is  substituted  for  the  widow.  Friends  pity,  but 
do  not  relieve ; advise,  but  give  not  wherewith  to  put  their 
excellent  plans  into  execution. 

It  is  hardly  possible  to  over-estimate  the  extent  of  the 
calamity,  when  the  head  of  a family  is  stricken  down,  and  the 
members  are  left  in  helplessness  and  poverty.  It  is  not  only, 
in  such  a case,  that  the  affections  are  crushed  and  wounded 
by  the  loss  of  a beloved  husband  or  parent,  but  the  miseries 
of  destitution  are  forthwith  felt  also ; there  is  an  end  of  the 
independence  and  comfort  of  the  whole  household. 

“ Take  such  a case  in  the  higher  ranks,  where  a certain  style 
and  a superior  manner  of  living  had  been  maintained  ; where 
a higher  education  was  being  imparted  to  the  children,  and 
where  the  well-directed  efforts  of  the  parent  who  has  been  taken 
away  provided  the  means  of  elegance  and  comfort  of  all.  In 
a moment,  and  by  an  event  in  itself,  and  independent  of  cir- 
cumstances, the  most  afflicting,  the  source  of  all  this  happiness 
is  dried  up,  and  the  helpless  mourners  are  made  at  the  same 
time  dependants — perhaps  almost  or  altogether  beggars.  In 


80 


INTRODUCTION. 


the  breaking  up  of  a household,  in  the  division  of  the  members, 
in  the  parting  with  every  superfluous  article  of  furniture  and  its 
valued  associations,  in  the  feeble  attempts  to  keep  up  some- 
thing like  former  respectability,  and  the  gradual  descent  to  the 
lowest  stage  of  poverty,  there  is  perhaps  as  much  of  misery 
experienced  as  under  more  substantial  privations.  The  heart, 
in  such  circumstances — the  heart  of  the  widow  or  orphan, 
knoweth  its  own  bitterness,  and  none  else  ; surely  it  becomes 
him  to  whom  the  affections  of  that  heart  have  been  most  de- 
voted, to  anticipate  the  possibility  of  such  a season  of  trial  and 
privation,  and,  as  far  as  possible,  to  provide  the  means  of  alle- 
viating it,  and  soothing  its  sorrows ; and  if  he  cannot  ward  off* 
the  stroke  of  death,  yet,  by  wise  precaution,  to  ward  off*  at 
least  the  evils  of  destitution,  and  the  misery  of  dependence. 

Take  a case  of  very  common  occurrence  ; that  of  a cler- 
gyman, happy  in  his  domestic  circle,  educating  his  children 
liberally,  and,  wuth  his  <£400  or  £500  a year,  distributing  con- 
solation to  his  parishioners,  possessing  only  a life  interest  in 
his  income  ; no  sooner  is  the  thread  of  life  snapped  than  beg- 
gary stares  his  family  in  the  face,  the  widow  and  children  are 
at  once  turned  out  upon  the  wide  world,  or  doomed  perhaps  to 
receive  a wretched  pittance  from  some  relation.  We  know 
not  a fiercer  or  more  formidable  trial  than  to  be  reduced  to  this 
state.  Is  this  the  state  to  which  any  man  could  desire  that 
those  he  loves  and  cherishes  should  be  reduced  ? 

Life  Assurance  will  impoverish  no  man,  but  will  save  from 
indigence  millions  of  families,  and  place  them  in  a state  of 
security ; and,  in  its  prodigious  developments,  afford,  in  its 
applications,  the  attainment  of  an  object  the  most  exalted  that 
can  be  contemplated;  and  experience  demonstrates  that  it  is 
the  most  precious  of  earthly  gifts,  and  is  one  of  the  happiest 
discoveries  of  man ; it  removes  the  greatest  source  of  wretch- 
edness and  crime  ; substitutes  industry  for  idleness  ; economy 
for  extravagance  ; sobriety  for  intemperance  ; competency  for 


SCIENCE  OF  LIFE  INSURANCE. 


31 


want : it  disarms  the  chamber  of  death  of  some  of  its  most 
painful  anticipations — utter  destitution,  added  to  the  desola- 
tion of  an  orphan  family,  and  the  loneliness  of  a disconsolate 
widow ; it  mitigates  the  sorrows  of  a bed  of  sickness,  by  the 
knowledge  that  those  who  depend  on  the  life  of  a single  indi- 
vidual are  provided  for. 

« We  know  of  no  present  more  appropriate,  from  a father 
to  his  son,  on  the  latter  attaining  manhood,  than  a policy  of 
assurance  on  his  life.  An  apparently  trifling  incident  wdll 
oftentimes  give  a right  direction  to  the  thoughts  and  conduct 
of  a youth  during  all  his  future  years.  The  obligation  imposed 
by  a policy  of  assurance,  is  as  likely,  we  think,  as  any  other, 
to  exercise  a moral  influence  on  the  possessor.  If  the  value 
of  health,  its  importance,  and  the  most  rational  means  of  pre- 
serving it,  be  rightly  understooTd  ; if  habits  of  diligence,  eco- 
nomy, kindness,  and  forethought  be  cultivated  in  early  life  by 
a man,  there  is  hope  that  he  will  prosper  in  all  he  undertakes, 
and  become  an  ornament  and  a blessing  to  the  sphere  in  which 
he  moves.” 

I will  close  my  remarks  by  two  striking  examples  that  have 
occurred  in  Chicago  within  the  year.  The  first  is  the  case  of 
young  Gleason,  known  generally  in  this  community  as  a steady, 
worthy,  and  industrious  mechanic.  He  insured  his  life  about 
a year  since,  in  the  Connecticut  Mutual,  for  $3,000,  in  favour 
of  his  wife,  being  just  married.  He  lived  only  seven  w^eeks 
after  the  transaction,  dying  of  erysipelas.  Proof  was  presented 
to  the  Company  of  the  fact  of  the  death  having  occurred,  and 
the  amount  called  for  by  the  policy  was  immediately  paid. 

The  other  case  is  that  of  the  late  Judge  Jesse  B.  Thomas, 
extensively  known  and  endeared,  not  only  to  the  citizens  of 
Chicago,  but  throughout  the  state.  He  died  suddenly,  of 
erysipelas,  about  a year  since.  There  is  a reminiscence  con- 
nected with  his  death,  in  the  results  of  the  postponement  of 
Life  Insurance,  which  increased  our  regrets  for  his  untimely 


32 


INTRODUCTION. 


decease.  He  contracted  in  the  Union  Mutual  for  the  insurance 
of  his  life,  in  the  sum  of  $5,000.  The  papers  were  made  out, 
but  he  postponed  closing  the  contract  for  a few  days,  as  he  had 
not  the  amount  in  pocket  just  then  required  to  pay  the  first 
premium.  He  sickened  in  a day  or  two  thereafter,  and  died 
in  about  a week.  This,  I am  informed,  has  been  felt  as  vir- 
tually a loss  to  his  estate  of  $15,000 — there  were  payments  to 
be  met  that  involved  the  sacrifice  at  forced  sale  of  some  of  his 
best  city  property. 

Although  just  such  examples  as  these  are  occurring  every 
day,  yet  when  they  happen  within  the  circle  of  one’s  acquaint- 
ance they  are  calculated  to  be  more  impressive.  They  show 
^ point  blank’  the  provident  features  of  Life  Insurance,  and 
how  easily  a little  fortune  is  secured,  or  may  be  lost,  to  a man’s 
family  at  his  death,  by  its  adoption,  or  its  neglect.  Every  man 
may  avail  himself  of  it,  and  make  provision,  greater  or  smaller, 
for  his  family.  All  may  become  protected  by  it  if  they  will.  It  is 
capable  of  universal  application.  It  is  able  to  have  saved  every 
widow  and  orphan  in  the  world  from  destitution.  Contracts 
of  this  kind  are  of  immense  importance  to  society,  then,  you 
must  admit.  They  are  equitable,  too,  based  on  equal  justice 
to  all  parties.  They  do  not  partake  in  the  least  of  the  nature 
of  lotteries  or  games  of  chance  ; nor  are  they  wager-contracts 
like  bets  upon  elections.  They  are  based  on  the  observed 
fact,  that  human  life  in  the  aggregate  is  of  invariable  duration 
for  every  age  as  a class,  and  each  age  has  a tariff  calculated 
for  the  average,  and  every  man  who  throws  himself  into  this 
community  of  protected  life-interests,  pays  his  average  tariff,  and 
secures  the  advantages  to  his  family  of  the  mean  duration  of 
his  life,  though  he  may,  in  the  Providence  of  God,  die  the  next 
day. 


BI-MONTHLY 


INSURANCE  ADVERTISER. 

Life  Insurance.  Six  lectures,  of  about  32  pages  each,  being  a com- 
plete manual  of  Life  Insurance,  is  being  published  by  the  author,  one  every 
two  months,  the  whole  series  in  twelve  months. 

Price.  They  are  sold  to  Life  Insurance  Companies  at  cost,  by  the 
thousand.  The  rates  for  advertising  that  will  be  charged  the  companies 
that  spread  this  work  are  fixed  at  $20  for  the  year,  for  one  page,  or  $5  one 
insertion.  For  a half  page  one  half  these  rates ; and  for  two  pages  double 
these  rates.  No  additional  charge  for  an  exclusive  Life  Office  advertise- 
ment of  one  page,  on  any  one  of  the  back  numbers,  if  1,000  copies  are 
ordered. 

Order  of  the  series.  1st  No. — Introduction.  2d  No. — General  Prin- 
ciples, History,  Companies.  3d  No. — Kate  of  Interest,  Rate  of  Mortality, 
Rates  of  Insurance.  4th  No. — Scope,  Practice,  Law,  or  Medical  Juris- 
prudence. 5th  No. — Morality,  Salutary  Influence.  6th  No. — Vital  Sta- 
tistics, Public  Hygiene,  Personal  Hygiene. 

Agents  should  send  these  Lectures  as  they  are  published,  to  fami- 
lies, to  subscribe  for  the  set,  or  purchase  by  the  number.  Cheap  and 
attractive  literature  is  never  generally  rejected  by  considerate  families, 
and  what  families  pay  a few  cents  for  they  value  more  highly.  A gratui- 
tous literature  betokens  a selfish  motive. 

Were  the  Companies  to  send  their  agents  each  100  copies,  they 
would  swell  the  editions  to  200,000  copies,  and  secure  their  advertisements 
bound  up  in  a standard,  household  book.  This  would  carry  Life  Insurance 
knowledge  to  about  one  family  in  twenty. 

Fire  and  Marine  Insurance  are  both  making  the  most  rapid  strides 
in  this  country  as  well  as  in  Europe.  As  men  become  more  and  more 
enlightened,  they  grow  more  prudent  and  avail  themselves  of  the  protec- 
tion afforded  by  insurances  of  every  sort. 

Health  Insurance.  This  species  of  insurance  is  extensively  in  vogue 
in  the  form  of  Mechanics’  Associations,  Beneficial  Societies,  &c.,  but  is  not 
scientifically  practised.  Still,  great  good  results  from  it. 

Live-Stock  Insurance.  This  sort  of  insurance  is  beginning  to  awaken 
attention  in  this  country,  and  ought  to  be  generally  understood  and  prac- 
tised by  the  owners  of  valuable  animals. 


OFFICE  S.  E.  CORNER  THIRD  AND  CIIESNUT  STS. 

|)l)Uairdpl)ia. 

CAPITAIi 


EXCLUSIVE  OF  PREMIUMS. 

The  very  great  success  which  has  attended  the  peculiar  plan 
of  Life  Insurance  as  practised  by  this  Company  furnishes 
pleasing  and  incontestable  evidence  that  the  public  mind  is 
moving  intelligently  with  regard  to  this  great  national  system 
of  savings  and  investment. 

The  Capital  of  this  Company  is  SSOjOOOj  of  which 
$103,880  has  been  paid  in  and  invested  (exclusive  of  pre- 
miums). The  Capital  of  the  Company  being  invested  for  the 


benefit  of  the  insured,  they  enjoy  the  extraordinary  privilege 
of  this  security ^ without  any  material  expense  to  themselves, 
perfect  mutuality  with  perfect  security^  being  fully  accom- 
plished by  this  arrangement,  combination  peculiar  to 

this  Company, 

Profits  are  divided  annually  among  the  insured,  payable  at 
death,  or  the  present  value  of  which  will  be  purchased,  in  cash 
on  demand. 

Policies  of  two  or  more  years’  standing  will  be  purchased 
upon  surrender : ample  provision  therefore  is  made  for  those 
parties  who  may  desire  to  discontinue  their  payments  and 
drop  their  policies. 

Forfeited  policies,  with  the  profits,  may  be  renewed  at  any 
time,  provided  the  health  of  the  party  at  the  time  is  unim- 
paired. No  policy  will  be  disputed,  except  upon  the  grounds 
of  fraud.  The  original  amount  of  policies  will  be  reduced  at 
any  time,  to  suit  the  pleasure  of  insured  parties.  Policies 
may  be  assigned  without  the  knowledge  of  the  Company. 
Premium  payments  may  be  made  to  suit  the  convenience  of 
parties  opening  policies  with  the  Company.  No  extra  charge 
for  crossing  the  Atlantic,  at  any  season  of  the  year,  in  first 
class  vessels.  Attention  is  particularly  invited  to  the  pro- 
spectus published  by  this  Company,  which  may  be  obtained 
gratis  on  application  at  the  ofiice,  or  any  of  its  agencies. 


DIRECTORS. 


Stephen  R.  Crawford, 
Ambrose  W.  Thompson, 
Benjamin  W.  Tingley, 
Jacob  L.  Florance, 
William  M.  Godwin, 

PRESIDENT. 

Stephen  B.  Crawford. 

SECRETARY  AND  TREASURER. 

Charles  G.  Imlat. 
Paul  B.  Goddard,  M.  D. 


Paul  B.  Goddard, 
Lawrence  Johnson, 
George  M’Henry, 
James  Devereux, 
John  L.  Linton. 

VICE-PRESIDENT. 

Ambrose  W.  Thompson. 

ACTUARY. 

Puny  Fisk. 
William  Pepper,  M.  D. 


MEDICAL  EXAMINERS. 


LIFE  INSUKANCE 


THE  PENNSYLTANIA  COMPANY, 

FOR  INSURANCES  ON  LIVES 


AND 


GRANTING  ANNUITIES 


OFFICE,  NO,  66  WALNUT  STREET. 


This  Company  insure  Lives  at  the  rate  adopted  by  the  most  respectable 
offices,  and  having  a capital  of 


500,000  DOIiL.ARl$, 


and  a large  surplus,  affords  the  most  undoubted  security  for  the  payment 
of  losses,  and  all  their  engagements.  The  insured  participate  every  five 
years  in  half  the  profits  of  the  assurance  business,  and  incur  no  liabilities 
of  losses. 

This  Company  also  grant  annuities,  immediate,  deferred,  or  contingent, 
on  single  or  joint  lives ; they  sell  Endowments,  payable  at  any  specified 
times ; they  purchase  Life  Interests,  Reversionary  Interests,  and  make 
contracts  that  depend  on  the  contingencies  of  life. 

This  Company  act  as  Trustees  for  Minors,  Heirs,  &c. ; they  also  receive 
Money  on  deposit,  and  allow  interest,  the  whole  or  part  payable  on 
demand,  after  ten  days’  notice,  or,  if  agreed  upon,  on  demand,  without 
notice. 

Office  open  daily,  from  9 o’clock,  A.  M.,  to  3 o’clock,  P.  M. 


HYMAN  GRATZ,  President. 


WILLIAM  B.  HILL,  Actuary. 


DIRECTORS. 


William  Kirkham, 
Henry  J.  Williams, 
Samuel  F.  Smith, 
Charles  Dutilh, 


Robt.  M.  Patterson,  M.  D. 
Edwin  M.  Lewis, 


S.  A.  Mercer, 
F.  Hopkinson, 
Isaac  R.  Davis, 


John  K.  Mitchell,  M.  D. 
J.  Pemberton  Hutchinson, 


J.  J.  Vanderkemp. 


THE  GIRARD  LIFE  INSURANCE,  ANNUITY  AND 
TRUST  COMPANY  OF  PHILADELPHIA, 

OEFIGE  NO.  132  CHESNUT  STBEET, 

CAPITAL  $300,000^  PAID  IN. 

CHARTER  PERPETUAL. 


CONTINUE  TO  MAKE  INSURANCES  on  lives  on  the  most  favourable 
terms,  receive  and  execute  Trusts,  and  act  as  Executors,  Guardians,  and 
Trustees — and  receive  Deposits  on  Interest. 

The  Capital  being  paid  up  and  invested,  together  with  a large  and  con- 
stantly increasing  reserved  fund,  offers  a perfect  security  to  the  insured. 

The  premium  may  be  paid  yearly,  half-yearly,  or  quarterly. 

The  Company  add  a BONUS  periodically  to  the  Insurances  for  Life. 
The  first  Bonus  was  appropriated  in  December,  1844,  and  the  second 
Bonus  in  December,  1849,  amounting  to  an  average  of  more  than  sixty 
per  cent,  on  the  premiums  paid.  The  following  are  a few  examples : — 


Policy. 

Sum 

originally 

insured. 

Bonuses 

or 

additions. 

Amount  of  policy  and  bonuses 
payable  at  the  decease  of  the 
party — to  be  increased  by 
future  additions. 

No.  58. 

$1000 

$262  50 

$1,262  50 

No.  89. 

2500 

656  25 

3,156  25 

No.  276. 

2000 

475  00 

2,475  00 

No.  833. 

5000 

1,187  50 

6,187  50 

&c. 

&c. 

&c. 

&c. 

Pamphlets  containing  table  of  rates  and  explanations,  forms  of 
application,  and  further  information,  can  be  had  at  the  Office. 

THOMAS  RIDGWAY,  President. 


JNO.  F.  JAMES,  Actuary. 


PHILADELPHIA  LIFE  INSURANCE  COMPANY. 


NORTH-WEST  CORNER  OF  THIRD  AND  M’^ALNUT  STS. 

INCORPORATED  WITH  A CAPITAL  OF  $100,000,  AND  HAVING  A LARGE  AND 
CONSTANTLY  INCREASING  CONTINGENT  FUND. 

This  Company  is  in  successful  operation,  and  by  the  adoption  of  the 
Cash  System  they  are  enabled  to  put  their  premiums  at  a much  lower  rate 
than  most  of  their  competitors,  as  will  be  seen  by  reference  to  the  annexed 
table. 

The  profits  of  the  business  are  divided  every  year  (after  setting  aside  a 
due  portion  towards  the  Contingent  Fund  to  pay  losses),  in  cash  and  not 
IN  SCRIP,  between  the  insured  and  the  stockholders. 


Table  of  Rates  of  the  dijfferent  Life  Insurance  Companies  compared  with 
the  Philadelphia,  for  a person  of  30  years  of  age,  insuring  ^100. 


Girard, 

$2  36 

New  England,  - 

*2  36 

Pennsylvania,  - 

2 36 

New  York  Life, 

2 36 

Penn  Mutual,  - 

2 36 

National  Loan  Fund,  - 

2 47 

American  Life  and  Health, 

2 36 

Albion, 

2 48 

Philadelphia  Life  Insurance  Co., 

- 

2 06 

ROBERT  P.  KING,  President 
M.  W.  BALDWIN,  Vice  President 
Francis  Blackburne,  Secretary. 


MEDICAL  EXAMINERS. 

J.  F.  CUNNINGHAM,  M.  D.,  corner  Sch.  Eighth  and  Race. 
RICHARD  CLEMENTS,  M.  D.,  No.  139  Walnut  Street. 

[One  of  whom  wiU  attend  at  the  Office  daily  from  1 till  2,  P.  M.] 

Blank  Forms,  Pamphlets,  &c.,  and  every  information  connected 
with  Life  Insurance,  will  be  cheerfully  and  promptly  furnished  on  appli- 
cation at  the  Office. 


PENN  MUTUAL  LIFE  INSURANCE  COMPANY, 


NORTH-EAST  CORNER  OF  THIRD  AND  DOCK  STS., 

THE  ONLY  PURELY  MUTUAL  COMPANY 

IN  THE  CITY  OR  STATE. 

GUARANTEE  AND  ACCUMULATED  CAPITAL 

OVER  AND 

CONSTANTLY  INCREASING! 

Reserved  fund  to  pay  losses  arising  from  premiums  received  to  January 
1st,  1851,  $142,682  19,  and  constantly  increasing  from  new  policies  and 
renewals.  In  this  Company  every  dollar  received  is  appropriated,  after 
paying  losses  and  expenses,  to  a reserved  fund  or  capital  to  pay  future 
losses,  and  cannot  be  used  for  any  other  purpose  (except  the  interest  on 
the  dividends  declared),  until  the  accumulated  capital  of  the  Company 
amounts  to  $400,000  ; when,  if  the  assets  of  the  Company  exceed  the  value 
of  all  the  policies  in  force,  the  first  dividend  declared  may  be  paid  off,  and 
so  on,  year  by  year,  as  the  situation  of  the  Company  may  warrant ; but 
no  dividend  can  be  paid  off  until  the  assets  of  the  Company  exceed  the 
value  of  all  the  policies  in  force  an  amount  equal  to  the  dividend  to  be 
paid  off. 

DANIEL  L.  MILLER,  President, 
SAMUEL  E.  STOKES,  Vice  President. 

John  W.  Hornor,  Secretary. 


MEDICAL  EXAMINERS. 

EDWARD  HARTSHORNE,  M.  D.,  No.  453  Walnut  Street. 
FRANCIS  GURNEY  SMITH,  Jr.,  M.  D.,  291  Spruce  Street. 

[In  attendance  at  the  Office  of  the  Company  from  1 till  2 P.  M.  daily.] 

Blank  Forms,  Tables  of  Rates,  Descriptive  Pamphlets,  and  every 
information  connected  with  Life  Insurance,  furnished  with  pleasure  and 
promptness. 


LIFE  INSURANCE  LECTURES. 

1 Copy  of  first  liccture  is  $0 

12  Copies  “ . 1 ©O 

lOO  “ “ 7 OO 

100©  “ “ (at  cost)  6©  ©© 

To  be  had  of  Life  Insurance  Companies  and  their  agents. 

Subscription  Price  of  the  full  work,  which  will  contain  six  lectures,  and 
be  sent  by  mail  if  desired,  as  the  numbers  appear : — 

For  one  set,  $©  5©  | For  two  sets,  $1  ©© 
For  Five  sets,  $3  ©© 

Payable  on  delivery  of  the  first  number. 

Benevolent  minded  and  considerate  persons  will  confer  a benefit  on 
society  by  aiding  in  the  spread  of  this  work.  M.  L.  Knapp. 


PALMER’S  PATENT  LEG 

HAS  RECEIVED  THE  AWARD  OF  THE 

GREAT  PRIZE  MEDAL 

OF  THE 

WORLD’S  EXHIBITION,  1851. 

A grand  triumph  over  some  thirty  different  kinds  of  artificial  limbs,  among 
which  were  the  best  London  and  Paris  manufacture. 


MEDALS  AWARDED  IN  THE  UNITED  STATES. 

American  Institute^  New  York, — Silver  Medal,  1846. — Gold  Medal,  1847. — 
Gold  Medal,  1850. 

Franklin  Institute,  Philadelphia, — Scott’s  Legacy  Medal  and  Premium,” 
($20),  and  Silver  Medal,  (First  Premium),  1849. — “Recall  First  Pre- 
mium,” 1850. 

Massachusetts  M.  C.  M.  Association,  Boston. — First  Premiums  (Silver 
Medals)  in  1847  and  1850. 

Maryland  Institute,  Baltimore. — “ First  Premium”  1848. — Gold  Medal,  1850. 
MANUFACTORIES, 

376  CHESTNUT  STREET,  PHILADELPHIA. 

BURT’S  BLOCK,  SPRINGFIELD,  MASSACHUSETTS. 

29  LEICESTER  SQUARE,  LONDON,  ENGLAND. 


